China’s biggest state-owned banks are selling dollars in attempt to slow yuan’s rapid depreciation, according to Reuters.
Also an easing of cross-border financing rules was announced, making it easier for domestic companies to raise funds from overseas and to help easing pressure on the yuan.
Following that offshore yuan strengthened more than 0.7% to a high of 7.1812 per dollar.
In the onshore market, a similar trend was shown, but its still down by about 4% today, making it one of the worst performing Asian currencies for 2023.